BAKU, Azerbaijan, October 30. EIG, a leading
institutional investor in the global energy and infrastructure
sectors, and Saudi-listed ACWA have signed definitive agreements to
establish Plenum Power, a strategic partnership targeting
investment opportunities in the United States, ACWA said on October
29.


The partnership builds on the companies' existing relationship,
which includes previous cooperation on projects in the Middle East.
Plenum Power is expected to launch with an initial equity
commitment of approximately $4 billion.


"The partnership combines ACWA's global capabilities in
developing, financing, constructing, and operating large-scale
infrastructure across conventional and renewable power generation
and energy storage, with a track record of delivering projects at
scale, driving competitive energy costs and maintaining strong
operational performance, alongside EIG's experience in sourcing,
establishing, financing and scaling energy infrastructure
platforms," the statement said.


The partnership comes amid growing electricity demand in the
United States, driven by electrification and the rapid expansion of
artificial intelligence (AI) data centers.


"EIG and ACWA believe that meeting this demand affordably and
reliably will require new generation capacity, energy storage and
investment in existing infrastructure, and that these conditions
create opportunities to jointly pursue acquisitions, develop new
capacity and support the next phase of growth in U.S. power
infrastructure," the statement said.







For EIG, the initiative expands its strategy in U.S. power
generation. The company has committed more than $14.2 billion
globally across power generation, renewable energy, energy storage
and related energy-transition infrastructure.


For ACWA, the partnership represents an opportunity to
strengthen its presence in the U.S., building on its experience in
delivering large-scale infrastructure projects across the Middle
East, Asia and other international markets.


ACWA operates a portfolio of 111 assets across 16 countries,
representing approximately $127 billion in assets under management.
Its activities span power generation, water desalination and green
hydrogen, supported by capabilities in project development,
financing, construction and operations.